In the name of Allah,

I live in a country where all the banks are likely under a central bank that charges interest. So in order to get out of this system, I want to migrate to another country that has free from riba system, or at least there is a room to choose between doing riba or to avoid it at all while at the same time I can still progressing in maintaining my financial status.

So where are the countries that free from riba? And can you explain why they are free from riba? If there is none, can you mention the best country in tackling riba?

May Allah reward us


No where really. Iran purports to have a 100% shariah compliant financial sector, as does Sudan. Other than that, the biggest markets for Islamic Banking are places such as Saudi, UAE, Malaysia - but they all have normal interest bearing banks as well. And they all have Central Banks that conduct monetary policy via interest rate setting


This ruling permits paper money (from https://islamicmarkets.com/articles/paper-money-what-constitutes-currency-in-shariah)

In 1982, the Islamic Fiqh Academy in its 5th session held in the city of Makkah Al-Mukarramah issued a ruling on paper money: The origin of money is gold and silver. The characteristic (Illah) of riba that occurs within them is due to their measure of wealth and store of value (Thamaniyyah), based on the strongest views amongst the scholars. The characteristic of a store of value is not limited to only gold and silver even though originally it was so. The paper currency that exists today has become a store of value and has replaced gold and silver as a means of payment, because the community has accepted it as a store of value and as a means of payment even if its value is not the paper but the trust that is placed in it in commercial dealings.

I would also suggest considering the modernist scholarly position that riba is really about financial exploitation. Interest in modern regulated financial markets is not riba.

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